A Good That May Be Enjoyed by Anyone, If Provided

question 75

Multiple Choice

A good that may be enjoyed by anyone, if provided, and that may not be denied to anyone once it has been provided is called a(n)

• A)public good.
• B)private good.
• C)universal good.
• D)externality.
• E)negative good.

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Definitions:

Shortage

The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.

Price Elasticity of Demand

The rate at which demand for a product responds to its price being altered.

Short Run

The period in economic theory during which at least one factor of production is considered fixed.

Long Run

A period in which all factors of production can be varied, and no inputs are fixed.